Sei closed Q3'25 with $4.6B in spot volume. AMMs still lead, but the more interesting signal is the rise of on-chain CLOBs. Why CLOBs matter: • Capital efficiency → liquidity isn't stuck in curves • Tighter spreads → better price discovery • Scales with volume → works for
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Sei closed Q3'25 with $4.6B in spot volume. AMMs still lead, but the more interesting signal is the rise of on-chain CLOBs. Why CLOBs matter: • Capital efficiency → liquidity isn't stuck in curves • Tighter spreads → better price discovery • Scales with volume → works for